Yesterday, Palatin Technologies, Inc. (NYSEMKT:PTN) announced its fiscal first quarter results for 2017, with Roth Capital analyst Joseph Pantginis determining that “all eyes” are looking ahead to “what’s next” for the biotech firm. What does the analyst believe is forthcoming for Palatin? “Our eyes say it’s good,” Pantginis asserts.

Therefore, on the heels of the print, the analyst reiterates a Buy rating on PTN with a price target of $7.00, which represents just under a 1,265% increase from where the shares last closed.

Pantginis believes, “In our eyes, Palatin is now positioned as a significantly de-risked company due to the two highly statistically significant Phase IIIs in hand for BMT. We also believe that these data are solidifying the company’s ability to sign a major partnership. Our thesis on PTN remains strong due to major differentiating factors between BMT and Addyi, such as drug alcohol interactions, chronic intake versus on demand, and the difficulty in prescribing.”

For the quarter, PTN reported ($0.08) in EPS, compared to the analyst’s forecast for ($0.09). The firm closed the quarter with $10.2 million in cash, which Pantginis notes, “management believes provides runaway through 4Q16.”

“We believe that Palatin represents a significant value proposition based on 1) the promise of BMT in FSD, a large unmet medical need, 2) increased partnering potential, 3) important validation in hand with a large partnership with AstraZeneca, and 4) strong pipeline growth potential,” Pantginis concludes.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, analyst Joseph Pantginis is ranked #4,115 out of 4,223 analysts. Pantginis has a 37% success rate and faces a loss of 11.7% in his yearly returns. When recommending PTN, Pantginis forfeits 19.5% in average profits on the stock.

TipRanks analytics demonstrate PTN as a Buy. Based on two analysts polled in the last 3 months, both rate a Buy on PTN. The 12-month price target stands at $6.50, marking a nearly 1,175% upside from where the stock is currently trading.